The Hai Phong Economic Zone Authority held an Investment Registration Certificate Hand-Over Ceremony on December 7 for the Xuan Cau Industrial Park and Free Trade Zone, invested in by the Xuan Cau - Lach Huyen Investment Joint Stock Company.

The project has a total area of 752 ha adjacent to the Hai Phong International Gateway Port in Vietnam’s north, with total investment of over VND11 trillion ($478.37 million). Construction will begin in early 2022 and the first phase is expected to be completed in 2025, the second phase in 2030, and the third phase in 2033. Some 40,000-50,000 jobs are expected to be created.

It is fully designed with technical infrastructure, traffic links, public utilities, ancillary works to ensure environment protection and fire and explosion prevention, and other related services for customers. This will be one of the projects behind Hai Phong realizing its economic development strategy based on three pillars: seaport logistics, high-tech industry, and service - tourism.

The granting of the investment certificate marks the end of nearly ten years of surveying, researching, and implementing investment procedures, according to Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Authority. Once put into operation, the project will be of great significance, contributing to economic development in Hai Phong and Vietnam as a whole.